21st November 2008
Retail sales are holding up better than it was thought, according to official statistics.
Figures from the Office for National Statistics (ONS) released on Thursday showed that retail sales fell by just 0.1% in October, less steeply than had been feared.
However, the relatively upbeat picture contrasts with action on the high street. Marks and Spencer and Debenhams were among major stores to announce "guerrilla sales" earlier this week, in what should be one of their busiest periods of the year.
And the British Retail Consortium (BRC) has said that the ONS figures are in "stark contrast" with its own findings.
The BRC-KMPG Retail Sales Monitor, which collates values from around 70 retailers in the UK, showed a 0.1% fall in retail values and has reported that sales growth has been slowing since May.
Stephen Robertson, director-general of the BRC, said that few retailers were telling him that consumers were spending more.
"The boss of a leading retailer told me things haven't been this bad since the early 1990s," he said.
"Conditions remain tough and look set to get tougher into the New Year, which can only make customers more nervous about spending. Retailers have reacted to the economic slowdown with wide range discounts and promotions."
Official retail figures 'hide tough condition', says BRC
Figures from the Office for National Statistics (ONS) released on Thursday showed that retail sales fell by just 0.1% in October, less steeply than had been feared.
However, the relatively upbeat picture contrasts with action on the high street. Marks and Spencer and Debenhams were among major stores to announce "guerrilla sales" earlier this week, in what should be one of their busiest periods of the year.
And the British Retail Consortium (BRC) has said that the ONS figures are in "stark contrast" with its own findings.
The BRC-KMPG Retail Sales Monitor, which collates values from around 70 retailers in the UK, showed a 0.1% fall in retail values and has reported that sales growth has been slowing since May.
Stephen Robertson, director-general of the BRC, said that few retailers were telling him that consumers were spending more.
"The boss of a leading retailer told me things haven't been this bad since the early 1990s," he said.
"Conditions remain tough and look set to get tougher into the New Year, which can only make customers more nervous about spending. Retailers have reacted to the economic slowdown with wide range discounts and promotions."
- 5th January 2009 Businesses urged to make redundancies 'last resort'
- 5th January 2009 'Cut interest rate to 1%' says business group
- 2nd January 2009 Gloomier forecast from business group
Delicious
Digg
reddit
Facebook
StumbleUpon